The Sun says Gunners chief executive Ivan Gazidis met the midfielder's agents yesterday in London.
Zaragoza's debts mean they are considering a loan agreement where Arsenal pay 60 per cent of Herrera's salary until he becomes a free agent in 2013.
Arsene Wenger has been keen on the 20-year-old for six months and has had him watched twice in recent weeks.
Wenger also wants to have a replacement for Cesc Fabregas should he leave this summer.
Zaragoza president Agapito Iglesias said: "The interest in Herrera is true. If Arsenal want the kid they must pay his true value in the transfer market."
Herrera, also wanted by Fiorentina, declared: "I'll leave this business to my agents."